Honda, Acura extend certified used programs to include 10-year-old vehicles

Honda, Acura extend certified used programs to include 10-year-old vehicles https://ift.tt/TiDm2xd

The extended programs, called HondaTrue Used and Acura Precision Used, are designed to draw younger, budget-minded shoppers to dealership lots.

See how megadeals in 2021 shake up Automotive News' list of the top 150 dealership groups coming April 4

See how megadeals in 2021 shake up Automotive News' list of the top 150 dealership groups coming April 4 https://ift.tt/2WADiJH

Automotive News on April 4 will release the newest version of its annual list of the top 150 dealership groups based in the U.S.

TD Auto Finance to fund deals quickly with ‘real-time payments'

TD Auto Finance to fund deals quickly with ‘real-time payments' https://ift.tt/lkI65vs

Calling itself the first lender to do so, TD Auto Finance will fund auto loans arranged by its dealer partners with "real-time payments" hourly instead of the longer wait seen in traditional electronic disbursements.

Honda extends CPO to include 10-year-old vehicles

Honda extends CPO to include 10-year-old vehicles https://ift.tt/82ice7k

LOS ANGELES -- American Honda Motor Co. is expanding its certified pre-owned program to include 10-year-old Honda and Acura vehicles.

The extended programs, called HondaTrue Used and Acura Precision Used, are designed to draw younger, budget-minded shoppers to dealer lots.

"We wanted to make it easy for new buyers to experience our brand," Dan Rodriguez, manager of auto remarketing at American Honda told Automotive News. "We really look at this expansion as a critical way to bring in new customers to our brand — kind of a gateway product,"

The older Honda vehicles, which have no mileage limitations, only receive a 100-day or 5,000-mile manufacturer-backed warranty. That's significantly less than the seven-year/100,000-mile powertrain coverage provided on HondaTrue Certified + and Certified vehicles, which together cover lightly used, current model year vehicles, as well as 2-year to 5-year-old Hondas.

On the Acura side, Precision Used vehicles receive a six-month/7,500-mile warranty.

Acura Precision Certified vehicles, which are up to six years old or 80,000 miles, get the same 7 year/ 100,000-mile powertrain coverage.

But the extended certified programs are meant to give buyers confidence on the front end of the buying process, knowing that their older vehicle has been certified by Honda technicians.

Each TrueUsed vehicle goes through a 112-point checklist that is posted online for customers to review.

"We're going through an extensive checklist to make sure that the car is brought up to a certain standard," Rodriguez said, citing brake pads as an example. "The technicians are required to note the level of wear on the brake pads, and if they're not within a certain standard, those brake pads will be replaced."

Competition

The new program could help Honda compete against the growing market penetration of used-vehicle marketplaces such as CarMax, Carvana and Vroom, which advertise heavily to younger buyers and conduct much of their business in digital environments.

The automaker has been steadily expanding the scope of its CPO programs in recent years. Rodriguez said Honda was a pioneer in putting its certified used inventory online. Now, he said, "we are the first manufacturer to digitize this process," referring to the company's online access to the certification checklists Honda provides.

The U.S. used car market is larger than the new car market, which is making it ripe for disruption. Last year, used buyers gobbled up 40 million vehicles, nearly triple the 15 million new cars and trucks sold in 2021.

"With all this noise out there, all these new players in the market are seeing this huge 40 million number and thinking how they can grab their share," Rodriguez said. This year the used-car market will also end close to 40 million sales and remain "fertile" thanks to new-car supply shortages, he said.

The expanded program, he said, "is a way of bringing in this younger client, then graduating them to our certified pre-owned product, and then eventually getting them into a new car."

That cycle should help Honda and Acura dealers replenish their used car inventories.

"We really want to keep our customers within our network," he said. "And we think our best source of inventory will be the Honda Certified cars that the customer is looking to trade in."

This time it might be real: Why this fuel price surge may hasten the end of low mpg vehicles

This time it might be real: Why this fuel price surge may hasten the end of low mpg vehicles https://ift.tt/94aZ2uA

If there is a prolonged period of elevated gas prices, then there's good reason to believe it will hasten the demise of the internal combustion engine and accelerate the move to EVs.

Sonic's online EchoPark platform so far preserving F&I performance

Sonic's online EchoPark platform so far preserving F&I performance https://ift.tt/FON0gwV

It's early in the platform's life, but Sonic Automotive's online EchoPark ecommerce tool has so far proved successful at selling finance and insurance products to initial users.

Genesis' big retail step: Its first standalone U.S. store

Genesis' big retail step: Its first standalone U.S. store https://ift.tt/wXYp1Ee

Genesis's first standalone retail store in Lafayette, La., is the first of six that are scheduled to open by the end of the year.

Tight supplies, cloudy outlook to dent March, Q1 sales

Tight supplies, cloudy outlook to dent March, Q1 sales https://ift.tt/NAOJX5S

March U.S. new-vehicle sales are projected to drop 24 to 26 percent, with the annualized sales pace falling to 12.7 million to 13.1 million, down from 17.79 million in March 2021, and well below January and February levels.

See how megadeals in 2021 shake up Automotive News' list of the top 150 dealership groups

See how megadeals in 2021 shake up Automotive News' list of the top 150 dealership groups https://ift.tt/gIn0Xr2

Automotive News on April 4 will release the newest version of its annual list of the top 150 dealership groups based in the U.S.

GM, dealers collaborate in quest to boost profits

GM, dealers collaborate in quest to boost profits https://ift.tt/LitynbH

To reduce what it calls "waste" in dealerships' operations, GM has rolled out free tools that track incoming inventory, find areas where stores can make more money and suggest the fastest-moving inventory to order.

‘Ordinary' car dealer becomes movie superhero

‘Ordinary' car dealer becomes movie superhero https://ift.tt/vd2mTpF

Charlie Clark Nissan El Paso serves as the backdrop for the movie, which Clark wrote and executive produced, in addition to playing the lead role.

Throughput recovers at U.S. dealerships last year

Throughput recovers at U.S. dealerships last year https://ift.tt/Xkanc2R

The number of U.S. dealerships fell slightly in 2021. But average throughput, or new-vehicle sales per franchise, increased, according to Automotive News' annual dealership census.

Ford's EV approach not so revolutionary

Ford's EV approach not so revolutionary https://ift.tt/fFkRmJC

This is not the first time dealers have heard of the benefits of no-inventory, no-price-haggling marketing, writes an Automotive News reader in a letter to the editor.

Auto lenders prepare for more change, including EV wave and rate hikes

Auto lenders prepare for more change, including EV wave and rate hikes https://ift.tt/AazERg5

Auto lenders have endured rapid change during the pandemic and face even more as they bring employees back to office environments and prepare to finance consumers' electric vehicle purchases.

Car dealerships are lagging behind consumers on digital

Car dealerships are lagging behind consumers on digital https://ift.tt/MFQazEI

The retail and finance experience has been changing since COVID-19 hit, and now consumers expect to do what they want digitally.

F&I product sales could keep elevated dealership profits going

F&I product sales could keep elevated dealership profits going https://ift.tt/iwd3Q6u

At least some of the elevated F&I profitability dealerships experienced could be sustainable even when inventory returns and vehicle prices fall, experts say.

Lawsuit puts focus on exemption for car loans with GAP

Lawsuit puts focus on exemption for car loans with GAP https://ift.tt/6Pt4m2T

Federal officials have again argued that bundled guaranteed asset protection coverage renders an auto loan subject to the Military Lending Act, raising a potential concern for dealerships and the auto finance industry.

BMW dealership interiors will be upgraded

BMW dealership interiors will be upgraded https://ift.tt/2zgejkS

BMW's future showrooms will feature fewer cars, and each model will have a display with lounge like seating, unique lighting elements and premium furnishings.

EV charger installation sparks dealership sticker shock

EV charger installation sparks dealership sticker shock https://ift.tt/P40g8Fe

A lot of dealers have discovered that installing powerful fast chargers for electric vehicles — as some brands are requiring dealerships to do — is a complicated, expensive and time-consuming exercise.

Charger installation sparks sticker shock

Charger installation sparks sticker shock https://ift.tt/lO4vr6C

A lot of dealers have discovered that installing powerful fast chargers for electric vehicles — as some brands are requiring dealerships to do — is a complicated, expensive and time-consuming exercise.

Maryland dealership group boosts used-car inventory with own platform

Maryland dealership group boosts used-car inventory with own platform https://ift.tt/K3ZnQuU

Koons of Silver Spring repurposed a defunct subscription service into an acquisition company in the mold of Carvana or Vroom.

Lithia sells California dealership; Ken Ganley Automotive and Ourisman Automotive add dealerships

Lithia sells California dealership; Ken Ganley Automotive and Ourisman Automotive add dealerships https://ift.tt/e5wafRs

Lithia Motors sold a dealership in California in March, while buyers of recent dealership acquisitions include Ken Ganley Automotive Group, Ourisman Automotive Group and Sam Toliver and Shelton Toliver.

Solera Auto Finance ready to be proxy captive for U.S. car dealers

Solera Auto Finance ready to be proxy captive for U.S. car dealers https://ift.tt/4i62yh0

Though it's only starting out in seven states, has access to enough capital that it could be writing "captive-like" loans for dealership customers nationwide, company says.

Zurich gives F&I agents chance to sell its car protection products

Zurich gives F&I agents chance to sell its car protection products https://ift.tt/Db8iWtw

Zurich now permits agents to sell its finance and insurance products, It's a "big change" for the provider, Vince Santivasi, Zurich North America head of direct markets, told

Protective Asset Protection parent to buy F&I competitor AUL

Protective Asset Protection parent to buy F&I competitor AUL https://ift.tt/YhFLbQD

Protective Asset Protection's parent company will purchase rival finance and insurance product provider AUL Corp., The deal follows the January announcement that Protective Life Corp. had closed on another Protective Asset Protection auto F&I competitor, Revolos.

EV shift the talk of the town at NADA

EV shift the talk of the town at NADA https://ift.tt/WwdFmvQ

One topic was unavoidable at the NADA Show in Las Vegas: electric vehicles.

2022 NADA Show in photos: Center stage

2022 NADA Show in photos: Center stage https://ift.tt/u0wTRDJ

Celebrities, executives and award honorees were all smiles as the auto industry shined in the spotlight at the NADA Show in Las Vegas.

Colorado stores high on list for acquisitions

Colorado stores high on list for acquisitions https://ift.tt/HTmkjK4

One in six franchised dealerships in Colorado traded hands last year as buy-sell activity in the state boomed.

Fund seeks car dealer investors for tech

Fund seeks car dealer investors for tech https://ift.tt/FtvxOXV

Automotive Ventures, which provides consulting and venture capital to automotive entrepreneurs, is launching DealerFund, with plans to raise $50 million from about 50 dealer investors.

2022 NADA Show in photos: Getting an up-close look

2022 NADA Show in photos: Getting an up-close look https://ift.tt/opJTP9g

More than 500 vendors showed their wares and services to dealers in some 650,000 square feet of NADA Show exhibit space at the Las Vegas Convention Center. Here are some scenes from the show floor.

Shown above: AutoSpin USA’s exhibit featured the highest rotating vehicle display platform at the NADA Show. The portable display spins a 10,000-pound vehicle 25 feet in the air at more than two revolutions per minute. 

NADA Show attendees picture themselves flying the friendly skies in a plane from Cirrus Aircraft. 

Karen Cortes-Duffy, president of Dealer Image Pro in Ventura, Calif., showed how her company’s software assists with vehicle photography and videos.

A red Bronco was one of two vehicles on display at Ford Motor Co.’s exhibit as the automaker pitched dealers on the benefits of its Bronco Off-Roadeo driving school for customers. 

Andrew Frick, left, general manager of sales, distribution and trucks for Ford Blue, with Jeff Carlson, 2016 NADA chairman.

How to protect your car dealership profit with purchase orders

How to protect your car dealership profit with purchase orders https://ift.tt/UBSptqr

Record profit years don't come around very often. It's prudent to take some of that profit and reinvest it in protecting current and future profits.

Car dealers wary of Joe Biden's direction on autos

Car dealers wary of Joe Biden's direction on autos https://ift.tt/NuoAMQK

Dealers and dealership managers cited inflation, high gasoline prices, more government regulation and a rush to EVs ahead of market demand as main drivers of their discontent during President Joe Biden's first year in office.

Court ruling against Honda dealership’s obstructionist landlords upheld

Court ruling against Honda dealership’s obstructionist landlords upheld https://ift.tt/9TU8qJP

The landlords of a proposed Honda dealership engaged in extortion and wrongfully delayed construction of the store for more than two years, the Massachusetts Supreme Judicial Court has ruled.

Ruling against store's obstructionist landlords upheld

Ruling against store's obstructionist landlords upheld https://ift.tt/nFyAPsZ

The landlords of a proposed Honda dealership engaged in extortion and wrongfully delayed construction of the store for more than two years, the Massachusetts Supreme Judicial Court has ruled.

Dealer wins right to open Denver-area Kia store after court challenge

Dealer wins right to open Denver-area Kia store after court challenge https://ift.tt/D7emz0B

A federal judge has cleared the way for Kia America and Emich Automotive to open a new store over objections by two current Kia dealerships in the Denver area.

Folsom Lake Ford, Folsom Lake Kia use RecovR to keep track of cars

Folsom Lake Ford, Folsom Lake Kia use RecovR to keep track of cars https://ift.tt/qELZTf5

Two independent, family-owned dealerships in Folsom, Calif., have been using a car-location and theft-prevention system called RecovR since May 2021.

No more ‘wild-goose chase' looking for cars

No more ‘wild-goose chase' looking for cars https://ift.tt/HrOtvzX

Two independent, family-owned dealerships in Folsom, Calif., have been using a car-location and theft-prevention system called RecovR since May 2021.

Dealer wins right to open Denver-area Kia store

Dealer wins right to open Denver-area Kia store https://ift.tt/SM0Fqy4

A federal judge has cleared the way for Kia America and Emich Automotive to open a new store over objections by two current Kia dealerships in the Denver area.

Mechanic dies in accident while working on truck at Georgia dealership

Mechanic dies in accident while working on truck at Georgia dealership https://ift.tt/wTQyvdi

The 36-year-old mechanic was working with another employee placing a truck onto a lift when it surged forward.

Conditions still ripe for more auto dealership acquisitions

Conditions still ripe for more auto dealership acquisitions https://ift.tt/TLmZufs

Key dealership buy-sell conditions making the market ripe for consolidation — high profits and retirement-ready owners, for instance — will persist for the near term, experts say.

Karl Auto, Continental Automotive Group and Vanguard Automotive Group buy dealerships

Karl Auto, Continental Automotive Group and Vanguard Automotive Group buy dealerships https://ift.tt/2cnIEe6

Three dealership groups and a small-town dealership operator expanded with acquisitions last year in Iowa, North Dakota and Texas.

2022 NADA Show in photos: The parties

2022 NADA Show in photos: The parties https://ift.tt/YRd5tPx

At the end of a long day at the NADA Show, there’s nothing better than gathering to celebrate being back in person, back in business and back in Las Vegas.

Tesla service center permit rejected in Connecticut

Tesla service center permit rejected in Connecticut https://ift.tt/1FhLuoa

Tesla will not be allowed to set up a service center in East Hartford, Conn., after the town's Planning and Zoning Commission revoked the electric vehicle maker's building permit.

Lucid eyeing price increases for future models

Lucid eyeing price increases for future models https://ift.tt/Eq1JyLO

EV maker Lucid is looking into raising prices for future models, but will honor prices for existing reservation holders.

No charges filed against Fla. Chevy finance manager accused of ID theft

No charges filed against Fla. Chevy finance manager accused of ID theft https://ift.tt/Iy3niMe

Citing insufficient evidence, authorities declined to file charges against a after a woman claimed to have been listed as a co-signer without consent.

Shift plans to acquire Fair's dealer listing marketplace assets for $15 million

Shift plans to acquire Fair's dealer listing marketplace assets for $15 million https://ift.tt/oRL8H7h

Shift said it wants to establish an online marketplace presence where dealers and independent sellers can list their cars alongside Shift's inventory.

Cadillac to take Lyriq EV orders this spring

Cadillac to take Lyriq EV orders this spring https://ift.tt/2IWqyjP

Cadillac also said owners of the 2021 Cadillac CT4, CT5 and Escalade with Super Cruise will soon be eligible for the latest version.

NADA Show, and then the parties

NADA Show, and then the parties https://ift.tt/PtTpvl5

Each NADA Show is about dealers meeting with their brands, reviewing upcoming vehicles and learning about the latest vendor product. It's also about networking, and the parties.

How online transactions fare during supply crunch

How online transactions fare during supply crunch https://ift.tt/oi1wugT

Digital sales tools require vehicles for consumers to buy, so the collision of the pandemic and inventory shortage has created clear challenges.

Three dealerships sold in Tennessee

Three dealerships sold in Tennessee https://ift.tt/rcaBIwT

Dealer Bill Gatton has sold three of his dealerships, all in Bristol, Tenn., to different buyers this quarter.

Volvo to charge up EV drivers at 15 Starbucks shops

Volvo to charge up EV drivers at 15 Starbucks shops https://ift.tt/cM0PXol

The locations will be scattered across the 1,350-mile route from Denver to Starbucks' Seattle headquarters.

Tesla raises prices for second time in less than a week

Tesla raises prices for second time in less than a week https://ift.tt/VkJOHFP

Tesla's price raise comes after CEO Elon Musk said costs were increasing at his companies. The cheapest Model 3 in the U.S. is now $46,990.

Tesla raises prices again

Tesla raises prices again https://ift.tt/paqQHik

Tesla's price raise comes after CEO Elon Musk said costs were increasing at his companies.

2022 NADA Show final day live blog: Hyundai, Mitsubishi, Toyota, Audi make meetings and F&I focus

2022 NADA Show final day live blog: Hyundai, Mitsubishi, Toyota, Audi make meetings and F&I focus https://ift.tt/plDmNae

The in-person return to the NADA Show wraps up Sunday with more make meetings, including for Toyota and Hyundai, and the AIADA Annual Membership Reception. So far EVs, hiring, and inventory have been big topics of discussion.

Stay with this live blog for regular updates from the show:

Hyundai doubles down on retail volume

Hyundai, riding a wave of retail U.S. sales gains behind an expanded and popular lineup of crossovers, is slashing fleet sales, increasing vehicle output and freezing dealer count as it targets another record year for U.S. retail volume.

The plans, sure to boost store profits, made for a joyous make meeting for Hyundai dealers at the tail end of the NADA show on Sunday.

Mitsubishi readies for Outlander PHEV launch

The Mitsubishi Outlander PHEV has been a key performer for the brand for years and has been serving as a gateway to electrification for customers, said Richard Herod III, chairman of the Mitsubishi National Advisory Board.

Toyota, Lexus: Inventory, current and future, on dealer minds

After taking a quiet victory lap for finishing 2021 as the top-selling automaker in the United States, Toyota and Lexus dealers Sunday started laying out what their dealerships will look like when production issues hopefully begin to ease later this year.

And what the packed room heard from Toyota Motor North America executives was that the profitability lessons imposed by COVID, and later the microchip shortage, were learned by the manufacturer, and that dealerships' days supply would likely remain reduced even after production constraints eased.

 

Audi dealers draw closer to the brand

Audi dealers Sunday drew closer to the German premium brand and credited it for keeping them informed and assisted as they jointly face production and logistics challenges to most of Audi's lineup.

At their make meeting here, dealers heard what steps the brand was taking to address production issues that range from the microchip shortage to interruptions of raw and finished materials caused by Russia's invasion of Ukraine. They also heard how Audi Financial Services will work with them to lessen the impacts of supply shortages.

 

Chargeway CEO on what it takes to sell EVs

Focus on F&I: 'It's been an unbelievable couple of years'

News from Infiniti's make meeting:

Cox Automotive's Steve Rowley on helping dealers operate more efficiently

Hire women, then listen to them, dealership experts say

 

 

Dealers should listen to the perspective of women working in their dealerships and take action to recruit more of them, panelists at NADA's Women Driving Auto Retail Lunch said.

Audi dealers draw closer to the brand

Audi dealers draw closer to the brand https://ift.tt/KgN6x14

Audi dealers say the transparency with which the brand is sharing information on its ongoing production issues, as well as assistance from Audi Financial Services, has "cemented the relationship" between the brand and its dealers.

2022 NADA Show final day live blog: Toyota, Audi make meetings and F&I focus

2022 NADA Show final day live blog: Toyota, Audi make meetings and F&I focus https://ift.tt/U9tKIHd

The in-person return to the NADA Show wraps up today with more make meetings, including for Toyota and Hyundai, and the AIADA Annual Membership Reception. So far EVs, hiring, and inventory have been big topcis of discussion.

Stay with this live blog for regular updates from the show:

Toyota, Lexus: Inventory, current and future, on dealer minds

After taking a quiet victory lap for finishing 2021 as the top-selling automaker in the United States, Toyota and Lexus dealers Sunday started laying out what their dealerships will look like when production issues hopefully begin to ease later this year.

And what the packed room heard from Toyota Motor North America executives was that the profitability lessons imposed by COVID, and later the microchip shortage, were learned by the manufacturer, and that dealerships' days supply would likely remain reduced even after production constraints eased.

 

Audi dealers draw closer to the brand

Audi dealers Sunday drew closer to the German premium brand and credited it for keeping them informed and assisted as they jointly face production and logistics challenges to most of Audi's lineup.

At their make meeting here, dealers heard what steps the brand was taking to address production issues that range from the microchip shortage to interruptions of raw and finished materials caused by Russia's invasion of Ukraine. They also heard how Audi Financial Services will work with them to lessen the impacts of supply shortages.

 

Chargeway CEO on what it takes to sell EVs

Focus on F&I: 'It's been an unbelievable couple of years'

News from Infiniti's make meeting:

Cox Automotive's Steve Rowley on helping dealers operate more efficiently

Hire women, then listen to them, dealership experts say

 

 

Dealers should listen to the perspective of women working in their dealerships and take action to recruit more of them, panelists at NADA's Women Driving Auto Retail Lunch said.

2022 NADA Show final day live blog: In-person return wraps up make meetings, F&I focus

2022 NADA Show final day live blog: In-person return wraps up make meetings, F&I focus https://ift.tt/5nYpLhy

The in-person return to the NADA Show wraps up today with more make meetings, including for Toyota and Hyundai, and the AIADA Annual Membership Reception. So far EVs, hiring, and inventory have been big topcis of discussion.

Stay with this live blog for regular updates from the show:

Audi dealers draw closer to the brand

Audi dealers Sunday drew closer to the German premium brand and credited it for keeping them informed and assisted as they jointly face production and logistics challenges to most of Audi's lineup.

At their make meeting here, dealers heard what steps the brand was taking to address production issues that range from the microchip shortage to interruptions of raw and finished materials caused by Russia's invasion of Ukraine. They also heard how Audi Financial Services will work with them to lessen the impacts of supply shortages.

 

Chargeway CEO on what it takes to sell EVs

Focus on F&I: 'It's been an unbelievable couple of years'

News from Infiniti's make meeting:

Cox Automotive's Steve Rowley on helping dealers operate more efficiently

Hire women, then listen to them, dealership experts say

 

 

Dealers should listen to the perspective of women working in their dealerships and take action to recruit more of them, panelists at NADA's Women Driving Auto Retail Lunch said.

2022 NADA Show final day live blog: In-person return wraps up with F&I focus, make meetings

2022 NADA Show final day live blog: In-person return wraps up with F&I focus, make meetings https://ift.tt/nPvBF6Z

The in-person return to the NADA Show wraps up today with more make meetings, including for Toyota and Hyundai, and the AIADA Annual Membership Reception. So far EVs, hiring, and inventory have been big topcis of discussion.

Stay with this live blog for regular updates from the show:

Focus on F&I: 'It's been an unbelievable couple of years'

News from Infiniti's make meeting:

Cox Automotive's Steve Rowley on helping dealers operate more efficiently

Hire women, then listen to them, dealership experts say

 

 

Dealers should listen to the perspective of women working in their dealerships and take action to recruit more of them, panelists at NADA's Women Driving Auto Retail Lunch said.

Honda dealers: Profitability 'as good as it gets'

Honda dealers: Profitability 'as good as it gets' https://ift.tt/CdZrHb8

Honda National Dealer Advisory Board Chairman Emeritus Bill Feinstein says the brand's retailers continue to do well despite a pandemic-induced inventory shortage.

Lexus dealers: New vehicles, Monogram rollout generates excitement

Lexus dealers: New vehicles, Monogram rollout generates excitement https://ift.tt/wSx7sC2

Lexus National Dealer Advisory Council Chairman John Iacono says dealers, buoyed by soon-arriving new vehicles, are in a great position because of the brand's rollout of its Monogram digital retailing system.

Porsche dealers: Brand wants retailers to stick to the deal

Porsche dealers: Brand wants retailers to stick to the deal https://ift.tt/x3ofVCA

Porsche Board of Regents Chairman Mike Sullivan says Porsche is looking to deter retailers from rewriting deals when a customer's ordered vehicle arrives months later.

VW dealers: Communication with customers and brand crucial

VW dealers: Communication with customers and brand crucial https://ift.tt/XyA2KhZ

Volkswagen National Dealer Advisory Council Tom McMenamin says dealers saw their best profit levels in years in 2021, and they are looking to continue that momentum in 2022.

Tough times hiring, retaining workers could persist

Tough times hiring, retaining workers could persist https://ift.tt/ES2HNaw

An employment expert speaking at the American Financial Services Association Vehicle Finance Conference & Expo says the turbulent times of hiring and retaining workers may not end soon.

2022 NADA Show day three live blog: Dealer optimism, online retailing

2022 NADA Show day three live blog: Dealer optimism, online retailing https://ift.tt/qfp5YjV

The NADA Show is back with an in-person event this year in Las Vegas. So far EVs, hiring and dealer sentiment have been key topics for discussion.

Follow this live blog for regular updates from day three of the show:

Cox Automotive's Jonathan Smoke: Dealers' optimism is 'rightly placed'

Online retailing keeps paying benefits for Asbury Automotive

Last year, amid the pandemic, 16 percent of auto purchases were made completely online, compared with just 1 percent of new-vehicle purchases three years ago, and that number could rise to as much as 50 percent by 2025, argues Miran Maric, chief marketing officer for Asbury Automotive Group.

 

Mini dealers: Looking forward to new vehicles in 2023

Mini dealers: Looking forward to new vehicles in 2023 https://ift.tt/6fz7eFc

Mini National Dealer Council Chairman Jason Willis says dealers are looking forward to the next round of all-new product, which should start arriving around late 2023.

Mitsubishi dealers: Hope for more alliance-developed vehicles

Mitsubishi dealers: Hope for more alliance-developed vehicles https://ift.tt/xPwzGaL

Incoming Mitsubishi National Advisory Board Chairman Richard Herod III says U.S. dealers look forward to more vehicles developed jointly by Mitsubishi, Nissan and Renault.

Former Reagor Dykes owner sentenced to 14 years in prison

Former Reagor Dykes owner sentenced to 14 years in prison https://ift.tt/2I9hpz4

Bart Reagor was sentenced to 14 years in federal prison for lying to a bank about his company's prospects and transferring more than $1.7 million of a $10 million loan meant for the auto group to his personal account.

EV success depends on the education of dealers, consumers

EV success depends on the education of dealers, consumers https://ift.tt/kv0ZYMm

Automakers will rush the market with a diverse mix of EVs in the coming years, but will consumers want them and can dealerships help customers understand them?

Light-vehicle sales surge in Feb.

Light-vehicle sales surge in Feb. https://ift.tt/nFrMj2g

Latest market rise in volume was fueled by robust demand for electrified vehicles and replenished stockpiles after the week-long Chinese New Year holiday ended Feb. 6, the China Association of Automobile Manufacturers said.

Ford dealers: Retailers hope customers can wait for vehicles

Ford dealers: Retailers hope customers can wait for vehicles https://ift.tt/M1oyWb5

Ford National Dealer Council Chairman Tim Hovik says the automaker is working with dealers to address pain points around new-vehicle reservations and allocations.

Mazda dealers: 'Excitement' as the brand moves upmarket

Mazda dealers: 'Excitement' as the brand moves upmarket https://ift.tt/xgQSrpH

Mazda National Dealer Advisory Council Chairman Jim Scherer says the brand is making strides on its yearslong path to becoming a more premium brand.

Volvo adds new vehicle-inspection technology for dealerships

Volvo adds new vehicle-inspection technology for dealerships https://ift.tt/3us7jqY

Installation of the technology will be optional for Volvo dealerships. The first dealers allowed to install the system will be on the East Coast, the company said.

9 things to check out at NADA

9 things to check out at NADA https://ift.tt/HmvhskS

From electric vehicles to March Madness, there is plenty to check out at the 2022 NADA Show in Las Vegas.

Dealerships sold in Texas, Virginia, Delaware

Dealerships sold in Texas, Virginia, Delaware https://ift.tt/oAsk18b

Preston Automotive Group, Sheehy Auto Stores, Jim Koons Automotive Cos. and a partnership were buyers of dealerships in February, third-quarter and fourth-quarter transactions.

Infiniti dealerships take first place in online responsive study for second year in a row

Infiniti dealerships take first place in online responsive study for second year in a row https://ift.tt/rSZszoO

Infiniti dealerships ranked highest in the Pied Piper PSI Internet Lead Effectiveness Study for the second year in a row, showing their ability to successfully work through the supply shortage and pandemic.

Pied Piper submitted 3,628 inquiries on dealership websites asking specific questions and gave a score out of 100 based on how well the dealerships responded over the next 24 hours, it said in a press release Monday.

Although Infiniti's score of 67 dropped from 71 last year, it still was 2 points higher than second-place finisher Cadillac.

Mazda and Subaru ranked the highest of mainstream brands, with scores of 61, the study said.

Both the pandemic and supply shortage have made Internet leads even more important for dealerships, as many serious buyers may not want to go into stores without knowing when a specific model will be available, Pied Piper CEO Fran O'Hagan told Automotive News.

Infiniti, despite its one-year drop, still posted the largest increase in its score since the beginning of the pandemic, up 18 percent from 57 in 2020. The Nissan Motor Co. luxury brand has successfully instilled in its dealerships the importance of responsiveness, O'Hagan said.

"For any of these brands that are scoring towards the top, the manufacturers consider this part of the business to be critical," he said. "Infiniti management has an opinion on how the web customers should be treated, and it is not shy letting the dealers know what that opinion is."

The study said 15 out of the 34 brands declined in their score this year, including Fiat, which dropped to last place.

Dealerships' method of contacting customers has been changing as well. Phone calls to follow up Internet inquiries continue to decline each year, as email responses rise and come close to taking over calls as the most common way to reach out.

However, successful dealerships do not follow up in just one way, O'Hagan said.

"If you go down just the email path or just the phone path, you miss about a third of your customers," O'Hagan said.

He said there is still a lot of room for improving this outreach, even among the top brands, which are still nowhere near a perfect score of 100.

Former AutoNation CEO Mike Jackson collected more than $18M in 2021

Former AutoNation CEO Mike Jackson collected more than $18M in 2021 https://ift.tt/h3gIPfZ

AutoNation's former CEO Mike Jackson, who retired late last year, earned more than $18 million in compensation last year. His successor, Mike Manley, earned about $8.5 million.

Ex-dealer sentenced to prison for role in defrauding Toyota out of $4.3 million

Ex-dealer sentenced to prison for role in defrauding Toyota out of $4.3 million https://ift.tt/kO6Uf53

Pinson, 46, was of three counts of wire fraud, six counts of mail fraud, one count of aggravated identity theft and two counts of conspiring to commit money laundering.

Dealers maintain optimism heading into spring even as inventory shortages persist

Dealers maintain optimism heading into spring even as inventory shortages persist https://ift.tt/2XxtPrW

New-vehicle inventory has improved for franchised dealers, and profits remained strong, according to the latest Cox Automotive Dealer Sentiment Index.

Decision in subpoena dispute concerning for auto finance, too, attorney says

Decision in subpoena dispute concerning for auto finance, too, attorney says https://ift.tt/NzX8Okw

An appeals court's decision supporting holding an out-of-state TitleMax to Pennsylvania's usury laws could be problematic for auto lenders, an industry attorney said. The Third Circuit's ruling alsohas ramifications for other financial services, according to Hudson Cook Chairman Michael Benoit.

Ram debuts 2023 ProMaster for varied consumer base

Ram debuts 2023 ProMaster for varied consumer base https://ift.tt/q3A9UPH

The 2023 ProMaster is powered by the next-generation Pentastar V6 engine and comes with a segment-exclusive TorqueFlite nine-speed automatic transmission.

Ram debuts 2023 ProMaster for varied consumer base

Ram debuts 2023 ProMaster for varied consumer base https://ift.tt/RQDldau

The 2023 ProMaster is powered by the next-generation Pentastar V6 engine and comes with a segment-exclusive TorqueFlite nine-speed automatic transmission.

Ed Morse Automotive buys dealerships in Iowa

Ed Morse Automotive buys dealerships in Iowa https://ift.tt/QVjXiey

Ed Morse Automotive Group purchased three dealerships in Muscatine and DeWitt, Iowa, from Krieger Auto Group. The purchase marks the Ed Morse group's entry into the state.

Judge delays decision in automakers' lawsuit against revised Mass. right-to-repair law

Judge delays decision in automakers' lawsuit against revised Mass. right-to-repair law https://ift.tt/eoLtvOq

The Alliance for Automotive Innovation filed the lawsuit against Massachusetts in November 2020 after voters overwhelmingly approved a ballot measure that revised and expanded the state's right-to-repair law.

J.D. Power introduces digital retailing platform

J.D. Power introduces digital retailing platform https://ift.tt/UHhaI8R

The analytics giant's Shop With Ease platform will be powered by Darwin Automotive, the finance and insurance software provider J.D. Power acquired last year.

Rivian is sued by shareholder after rolling back EV price hikes

Rivian is sued by shareholder after rolling back EV price hikes https://ift.tt/Uk30cMW

The investor called last week's rollback, including an apology from CEO RJ Scaringe, a "futile attempt at damage control."

Group 1 Automotive buys high-volume Toyota store in Texas

Group 1 Automotive buys high-volume Toyota store in Texas https://ift.tt/p1oE3qd

Group 1 Automotive purchased the Charles Maund Toyota dealership in Austin, Texas. The auto retailer said it was attracted by the Toyota brand and the growing region.

Asbury Automotive Group sells Toyota dealership in Colorado

Asbury Automotive Group sells Toyota dealership in Colorado https://ift.tt/BvKOH6l

Asbury Automotive Group Inc. has sold a Toyota dealership in Colorado that it acquired as part of the Larry H. Miller Dealerships acquisition in late 2021. Baxter Auto Group has expanded its footprint in the state with the purchase of the dealership.

February U.S. auto sales: SUV, crossover demand softens blow

February U.S. auto sales: SUV, crossover demand softens blow https://ift.tt/JK05kLo

Though auto sales are still down because of ongoing supply issues, consumers are still gobbling up SUVs and crossovers when they can.

Polestar 3 will hit U.S. market in Q1 2023

Polestar 3 will hit U.S. market in Q1 2023 https://ift.tt/4XPlJR9

The EV maker plans to bring a new large retail format to the U.S. this summer.

8 ways dealerships can recruit and keep porters

8 ways dealerships can recruit and keep porters https://ift.tt/LSn7OJ2

Paying competitive wages, setting clear expectations and evolving industrywide treatment for people in entry-level positions are important practices, says Joel Furno, founder and CEO of Citrin, an automotive hospitality management company based in Columbus, Ohio.

Subaru's kind plea: Don't be a ‘car dealer'

Subaru's kind plea: Don't be a ‘car dealer' https://ift.tt/bhEm8a0

As some automakers threaten to withhold vehicle allocations from dealerships that mark up vehicle prices, Subaru is trying a more loving approach to quash the practice.

Toyota's Project ETA is answer to ‘Dude, where's my car?'

Toyota's Project ETA is answer to ‘Dude, where's my car?' https://ift.tt/En9Ghp8

Project ETA is aimed at giving Toyota customers who order their vehicles a more precise view of where they are after they roll off the line.

Manager support key to keep on top of parts

Manager support key to keep on top of parts https://ift.tt/xbm7F8D

Valuing parts managers and supporting them with technology to optimize processes are critical to helping dealerships drive profits, a PartsEdge executive says.

Zinn: Jaguar I-Pace positions dealers for EV future

Zinn: Jaguar I-Pace positions dealers for EV future https://ift.tt/ZoBgL4q

The luxury brand will get a new and fully electric lineup in 2025. The I-Pace electric crossover has taught dealers how to sell EVs

West Virginia car dealers negotiating changes to state franchise law

West Virginia car dealers negotiating changes to state franchise law https://ift.tt/3Zzadup

The West Virginia Automobile Dealers Association wants some rules governing over-the-air updates. Dealers are concerned automakers may accept orders for new vehicles directly.

Karl Malone Auto Group and Jerry Seiner Dealerships among dealership buyers in Q4, Q1 transactions

Karl Malone Auto Group and Jerry Seiner Dealerships among dealership buyers in Q4, Q1 transactions https://ift.tt/ijdwgzU

Six dealerships sell in fourth-quarter and first-quarter transactions across Idaho, Utah, Nevada, Connecticut and Georgia.

Ford EV, ICE split will mean big changes for dealers

Ford EV, ICE split will mean big changes for dealers https://ift.tt/oPOWl4a

The automaker is asking its dealers to implement some of the most significant changes to their business in decades as it works to modernize its retail strategy and beat back threats from Tesla and EV startups that have championed direct-to-consumer sales.

Minor arrested in connection with a Georgia dealership shooting

Minor arrested in connection with a Georgia dealership shooting https://ift.tt/HGOP0gd

A 16-year-old male was arrested and charged with murder and burglary in connection with the death of dealership security guard.

AutoNation taps insiders as COOs to oversee different parts of business

AutoNation taps insiders as COOs to oversee different parts of business https://ift.tt/UGpZTxl

AutoNation Inc. has named two company veterans as COOs to oversee its franchised dealership business and non-franchised dealership business.

Car dealers looking to hire are rethinking what they have to offer

Car dealers looking to hire are rethinking what they have to offer https://ift.tt/5yRcpOt

For dealerships across the U.S., an ever-present challenge is getting harder: finding and hiring candidates for open positions and retaining those already employed.

Diversity, equality and inclusion strategy: Dedication is key

Diversity, equality and inclusion strategy: Dedication is key https://ift.tt/xsHZayz

There's not one all-encompassing solution to making a workplace more inclusive. DE&I policy is far more nuanced — and there's a chance some industry leaders will not carve out the resources or the care needed to expound on it.

Longtime NADA show organizer Steve Pitts' last show

Longtime NADA show organizer Steve Pitts' last show https://ift.tt/P78DYdv

NADA started holding an annual convention and trade show 104 years ago, and Steve Pitt has been in charge of nearly half of them.

LMP Automotive Holdings loses $2 million deposit

LMP Automotive Holdings loses $2 million deposit https://ift.tt/2zHJNk4

LMP Automotive said in a regulatory filing that a dealer was entitled to keep a deposit of more than $2 million after its planned acquisition of several Florida stores was terminated last month.

Incoming AIADA Chairman John Connelly will lean on Capitol Hill, law experience

Incoming AIADA Chairman John Connelly will lean on Capitol Hill, law experience https://ift.tt/x0ihmM4

Despite early exposure to auto retailing as a kid, John Connelly's path into the business wasn't so linear. This month, he settles into a role that was once held by his late father: chairman of the American International Automobile Dealers Association.

Incoming NADA chairman Mike Alford: EVs can prove dealer value

Incoming NADA chairman Mike Alford: EVs can prove dealer value https://ift.tt/k5aKsen

Mike Alford aims to help the industry plot the path toward electrification with digital sales tools, dealer-friendly regulations and new EV-centric revenue streams.

NAMAD Chairman Fernando Varela: EV costs can squeeze minority-owned car dealerships

NAMAD Chairman Fernando Varela: EV costs can squeeze minority-owned car dealerships https://ift.tt/47MONJD

Minority-owned stores, many of which are outside of metro areas, may not be able to easily absorb the added costs to sell EVs, NAMAD Chairman Fernando Varela says.

There may be more to Rivian's price hike than materials costs

There may be more to Rivian's price hike than materials costs https://ift.tt/62ctMHn

Rivian is claiming increased material costs, but it may also be trying to avoid selling the vehicles at a loss.

February U.S. sales rate falls to 14.15 million; Ford drops 21%

February U.S. sales rate falls to 14.15 million; Ford drops 21% https://ift.tt/Qfi7KYP

The seasonally adjusted U.S. auto sales rate fell to 14.15 million in February, down from 15.2 million in January but still ahead of the rates posted for the last five months of 2021, according to figures released Wednesday by Motor Intelligence.

The closely watched monthly results fell in line with analysts' SAAR estimates that ranged from 14.1 million to 14.4 million. Industry experts have expected continued weak sales results as the industry grapples with low inventories caused by the global microchip shortage and various supply chain interruptions.

Among the automakers that reported February results — including Ford Motor Co., Hyundai Motor Co., Toyota Motor Corp. and Honda Motor Co. — deliveries fell 12 percent to 559,549 vehicles, according to the Automotive News Research & Data Center. The results are incomplete because several other automakers, such as General Motors, Stellantis and Volkswagen, only report quarterly results.

Here's a recap of results from companies that reported this week.

Ford Motor Co. sales fell 21 percent in February. That includes a 21 percent drop at the Ford division and 23 percent decline at Lincoln.

Sales of its all-important F-Series pickup line plummeted 30 percent as most of its nameplates posted year-over-year declines.

The automaker said it took in more than 72,000 new retail orders in February and that 33 percent of its sales last month came from those who had placed previous orders.

“Our new products are conquesting from competitors at a rate that is 26 percentage points higher than Ford overall, including Maverick, Mustang Mach-E, Bronco and Bronco Sport,” Andrew Frick, vice president, Ford Sales U.S. and Canada, said in a statement.

Toyota drops 11%

Toyota Motor North America on Tuesday said February U.S. light vehicle sales fell 11 percent to 162,587. Sales for the Toyota brand fell 12 percent, while sales for Lexus were off 5.6 percent.

Car sales plummeted 30 percent, while pickup sales fell 13 percent, despite a 16 percent gain in Tundra sales.

The Toyota brand’s crossover and SUV sales rose 3.7 percent, largely based on a strong performance by the Highlander. Lexus-branded crossover and SUV sales fell 3.7 percent.

Electrified vehicle sales dropped 13 percent.

Toyota Motor's inventory stood at 110,674 vehicles -- a 16-day supply -- at the end of February, down from 123,686 a month ago.

It had 93,307 Toyota-brand vehicles, down from 103,634 a month ago. It also reported inventory of 17,367 Lexus-brand vehicles, down from 20,052 a month ago.

Honda deliveries plunge

American Honda’s U.S. light vehicle sales fell 21 percent amid inventory struggles brought on by the chip shortage and winter storms. Those figures include a 21 percent slide at the Honda division and 20 percent drop at Acura.

At Honda, only the Accord sedan and HR-V crossover posted sales gains compared with the same period a month ago. The HR-V’s 13,340 sales in February marked the nameplate’s 13th-consecutive monthly record, Honda said in a statement.

The automaker said 60 percent of vehicles en route to dealers are pre-sold, a sign of continued strong demand.

Mazda posts 8.3% gain

Mazda North America reported an 8.3 percent increase in sales last month with 28,166 vehicles delivered. That marked the automaker’s second-best February U.S. sales performance.

Mazda’s gains were largely driven by its crossovers, including a 36 percent sales increase for the CX-5, its highest-volume nameplate, and a 21 percent increase for the CX-9. Both vehicles posted best-ever February results

Mazda’s car sales, however, fell 32 percent.

The automaker said CPO sales also fell 32 percent compared with the same period a year ago to 3,562.

Korean brands post robust results

Korean affiliates Hyundai, Kia and Genesis reported robust U.S. deliveries for February despite ongoing retail headwinds that triggered lower forecasts as automakers struggle to rebuild depleted inventories.

Those headwinds, caused by production cuts stemming from the ongoing semiconductor shortage, didn't prevent Hyundai from recording an 8 percent gain in U.S. deliveries to 52,424. Sales of the Tucson compact crossover led the way, soaring 37 percent to 12,928 units. The new Ioniq 5 EV generated 2,555 deliveries.

“Our recent marketing efforts with Tucson and Ioniq 5 have worked well to generate awareness in competitive segments,” said Randy Parker, senior vice president of national sales for Hyundai Motor America. “We intend to keep the momentum and market share gains going.”

Hyundai noted it didn't record any fleet sales. The automaker said U.S. inventories stood at 18,621 units at the end of the month compared with 18,060 at the end of January.

Affiliate Kia posted a 2.3 percent gain to 49,182 deliveries in February as EV sales grew.

“Kia continues to outpace the industry and ‘charge ahead’ with the shift toward electrified vehicles as sales of our range of electric, hybrid and plug-in hybrid models continued to break records and now make up 13-percent of our sales,” Eric Watson, vice president of sales operations for Kia America, said in a statement.

“With first-month sales of the all-electric Kia EV6 exceeding 2,100 units we are confident that even more consumers considering their own shift to electrified vehicles will now consider Kia.”

Luxury brand Genesis said it generated its best February results ever as deliveries rose 45 percent to 3,482 vehicles.

Previous forecasts

Before the results came in this week, deliveries of new vehicles in February were estimated to fall 10 to 11 percent from a year earlier, according to forecasts from Cox Automotive, TrueCar, J.D. Power and LMC Automotive. Retail sales are projected to drop 5.7 percent from February 2021 to 922,100, J.D. Power and LMC said.

February is traditionally one of the year's slower sales months even when inventory is plentiful. But a lack of chips has left little to choose from on dealership lots, and industry experts don't anticipate that will change anytime soon.

"With retail inventory on pace to finish a fourth consecutive month below 900,000 units and ninth consecutive month below one million units, the new-vehicle supply situation is not displaying signs of near-term improvement," Thomas King, president of the data and analytics division at J.D. Power, said in a statement. "Therefore, sales in February are being determined by the number of vehicles delivered to dealerships rather than reflecting actual consumer demand."

SAAR forecast

The seasonally adjusted, annualized rate of sales for February had been projected to come in at 14.1 million to 14.4 million, TrueCar, Cox, J.D. Power and LMC said, down from 15.2 million in January.

Charlie Chesbrough, senior economist at Cox Automotive, said the industry could be headed toward a significant SAAR drop-off in the coming months with no "tangible market changes" expected.

"In the winter, when low sales volumes are expected, seasonal adjustments can result in a relatively strong SAAR, as we have in January and February," he said. "But come spring, when sales are expected to be much higher, the SAAR will look particularly weak. Without a big jump in inventory, March's SAAR is going to show a significant decline."

Prices, incentives

The industry's average transaction price is expected to reach a February record of $44,460, J.D. Power and LMC said. That would mark an 18.5 percent increase from a year earlier.

"Despite lower volumes, higher prices mean that retail consumers are on track to spend a healthy $41.0 billion on new vehicles this month, the highest on record for the month of February and 12.4 percent above February 2021," King said.

With demand high and inventory scarce, automakers continue to cut back on incentives.

For February, incentive spending per vehicle is expected to be $1,246, down $2,143 from a year earlier, J.D. Power and LMC said. As a percentage of the average vehicle sticker price, February incentives are expected to reach a record low 2.8 percent, J.D. Power said. That would be down 5 percentage points from February 2021 and would be the second consecutive month below 3 percent.

February U.S. sales rate falls to 14.1 million; Ford drops 21%

February U.S. sales rate falls to 14.1 million; Ford drops 21% https://ift.tt/ugt3PUZ

The seasonally adjusted U.S. auto sales rate fell to 14.15 million in February, down from 15.20 million in January but still ahead of the rates posted for every month during the second half of 2021, according to figures released Wednesday by Motor Intelligence.

The closely watched monthly results fell in line with analysts' SAAR estimates that ranged from 14.1 to 14.4 million. Industry experts have expected continued weak sales results as the industry continues to grapple with low inventories caused by the global microchip shortage and various supply chain interruptions.

Among the automakers that reported February results -- including Ford Motor Co., Hyundai Motor Co., Toyota Motor Corp. and Honda Motor Co. -- deliveries fell 11.7 percent to 559,549 vehicles, according to the Automotive News Data Center. The results are incomplete because several other automakers, such as General Motors, Stellantis and Volkswagen, only report quarterly results.

Here's a recap of results from companies that reported this week:

Ford Motor Co. sales fell 21 percent in February. That includes a 21 percent drop at the Ford division and 23 percent decline at Lincoln.

Sales of its all-important F-Series pickup line plummeted 30 percent as most of its nameplates posted year-over-year declines.

The automaker said it took in more than 72,000 new retail orders in February and that 33 percent of its sales last month came from those who had placed previous orders.

“Our new products are conquesting from competitors at a rate that is 26 percentage points higher than Ford overall, including Maverick, Mustang Mach-E, Bronco and Bronco Sport,” Andrew Frick, vice president, Ford Sales U.S. and Canada, said in a statement.

Toyota drops 11%

Toyota Motor North America on Tuesday said February U.S. light vehicle sales fell 11 percent to 162,587. Sales for the Toyota brand fell 12 percent, while sales for Lexus were off 5.6 percent.

Car sales plummeted 30 percent, while pickup sales fell 13 percent, despite a 16 percent gain in Tundra sales.

The Toyota brand’s crossover and SUV sales rose 3.7 percent, largely based on a strong performance by the Highlander. Lexus-branded crossover and SUV sales fell 3.7 percent.

Electrified vehicle sales dropped 13 percent.

Toyota Motor's inventory stood at 110,674 vehicles -- a 16-day supply -- at the end of February, down from 123,686 a month ago.

It had 93,307 Toyota-brand vehicles, down from 103,634 a month ago. It also reported inventory of 17,367 Lexus-brand vehicles, down from 20,052 a month ago.

Honda deliveries plunge

American Honda’s U.S. light vehicle sales fell 21 percent amid inventory struggles brought on by the chip shortage and winter storms. Those figures include a 21 percent slide at the Honda division and 20 percent drop at Acura.

At Honda, only the Accord sedan and HR-V crossover posted sales gains compared with the same period a month ago. The HR-V’s 13,340 sales in February marked the nameplate’s 13th-consecutive monthly record, Honda said in a statement.

The automaker said 60 percent of vehicles en route to dealers are pre-sold, a sign of continued strong demand.

Mazda posts 8.3% gain

Mazda North America reported an 8.3 percent increase in sales last month with 28,166 vehicles delivered. That marked the automaker’s second-best February U.S. sales performance.

Mazda’s gains were largely driven by its crossovers, including a 36 percent sales increase for the CX-5, its highest-volume nameplate, and a 21 percent increase for the CX-9. Both vehicles posted best-ever February results

Mazda’s car sales, however, fell 32 percent.

The automaker said CPO sales also fell 32 percent compared with the same period a year ago to 3,562.

Korean brands post robust results

Korean affiliates Hyundai, Kia and Genesis reported robust U.S. deliveries for February despite ongoing retail headwinds that triggered lower forecasts as automakers struggle to rebuild depleted inventories.

Those headwinds, caused by production cuts stemming from the ongoing semiconductor shortage, didn't prevent Hyundai from recording an 8 percent gain in U.S. deliveries to 52,424. Sales of the Tucson compact crossover led the way, soaring 37 percent to 12,928 units. The new Ioniq 5 EV generated 2,555 deliveries.

“Our recent marketing efforts with Tucson and Ioniq 5 have worked well to generate awareness in competitive segments,” said Randy Parker, senior vice president of national sales for Hyundai Motor America. “We intend to keep the momentum and market share gains going.”

Hyundai noted it didn't record any fleet sales. The automaker said U.S. inventories stood at 18,621 units at the end of the month compared with 18,060 at the end of January.

Affiliate Kia posted a 2.3 percent gain to 49,182 deliveries in February as EV sales grew.

“Kia continues to outpace the industry and ‘charge ahead’ with the shift toward electrified vehicles as sales of our range of electric, hybrid and plug-in hybrid models continued to break records and now make up 13-percent of our sales,” Eric Watson, vice president of sales operations for Kia America, said in a statement.

“With first-month sales of the all-electric Kia EV6 exceeding 2,100 units we are confident that even more consumers considering their own shift to electrified vehicles will now consider Kia.”

Luxury brand Genesis said it generated its best February results ever as deliveries rose 45 percent to 3,482 vehicles.

Previous forecasts

Before the results came in this week, deliveries of new vehicles in February were estimated to fall 10 to 11 percent from a year earlier, according to forecasts from Cox Automotive, TrueCar, J.D. Power and LMC Automotive. Retail sales are projected to drop 5.7 percent from February 2021 to 922,100, J.D. Power and LMC said.

February is traditionally one of the year's slower sales months even when inventory is plentiful. But a lack of chips has left little to choose from on dealership lots, and industry experts don't anticipate that will change anytime soon.

"With retail inventory on pace to finish a fourth consecutive month below 900,000 units and ninth consecutive month below one million units, the new-vehicle supply situation is not displaying signs of near-term improvement," Thomas King, president of the data and analytics division at J.D. Power, said in a statement. "Therefore, sales in February are being determined by the number of vehicles delivered to dealerships rather than reflecting actual consumer demand."

SAAR forecast

The seasonally adjusted, annualized rate of sales for February had been projected to come in at 14.1 million to 14.4 million, TrueCar, Cox, J.D. Power and LMC said, down from 15.2 million in January.

Charlie Chesbrough, senior economist at Cox Automotive, said the industry could be headed toward a significant SAAR drop-off in the coming months with no "tangible market changes" expected.

"In the winter, when low sales volumes are expected, seasonal adjustments can result in a relatively strong SAAR, as we have in January and February," he said. "But come spring, when sales are expected to be much higher, the SAAR will look particularly weak. Without a big jump in inventory, March's SAAR is going to show a significant decline."

Prices, incentives

The industry's average transaction price is expected to reach a February record of $44,460, J.D. Power and LMC said. That would mark an 18.5 percent increase from a year earlier.

"Despite lower volumes, higher prices mean that retail consumers are on track to spend a healthy $41.0 billion on new vehicles this month, the highest on record for the month of February and 12.4 percent above February 2021," King said.

With demand high and inventory scarce, automakers continue to cut back on incentives.

For February, incentive spending per vehicle is expected to be $1,246, down $2,143 from a year earlier, J.D. Power and LMC said. As a percentage of the average vehicle sticker price, February incentives are expected to reach a record low 2.8 percent, J.D. Power said. That would be down 5 percentage points from February 2021 and would be the second consecutive month below 3 percent.

Asbury sells Lexus dealership to Gurley Leep

Asbury sells Lexus dealership to Gurley Leep https://ift.tt/eYznJwt

Asbury Automotive Group sold a Lexus dealership in a St. Louis suburb last month.

Hyundai, Kia, Mazda generate February U.S. gains; Ford drops 21%; Toyota and Honda fall

Hyundai, Kia, Mazda generate February U.S. gains; Ford drops 21%; Toyota and Honda fall https://ift.tt/SJQ6rqE

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.

Rivian hikes prices on its EVs, citing higher component costs

Rivian hikes prices on its EVs, citing higher component costs https://ift.tt/2fm4cnv

Rivian is raising prices on its debut vehicles for retail buyers.

Rivian hikes prices on its EVs, citing higher component costs

Rivian hikes prices on its EVs, citing higher component costs https://ift.tt/8pWf0NX

Rivian is raising prices on its debut vehicles for retail buyers.

Vroom’s e-commerce vehicle sales grew 93% in Q4

Vroom’s e-commerce vehicle sales grew 93% in Q4 https://ift.tt/xgE0cCm

Online used-vehicle retailer Vroom posted revenue gains, but the company's net loss widened to almost $130 million in the fourth quarter.

Former California dealership accountant charged with wire fraud

Former California dealership accountant charged with wire fraud https://ift.tt/0R7H3je

A former bookkeeper for two San Rafael, Calif., dealerships appeared in court after being charged with four counts of wire fraud, allegedly for taking more than $1.7 million.

Hyundai, Kia, Genesis, Mazda generate February U.S. gains; Toyota falls 11%

Hyundai, Kia, Genesis, Mazda generate February U.S. gains; Toyota falls 11% https://ift.tt/tn6Oa4N

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.

Hyundai, Kia, Genesis generate strong February U.S. gains; Toyota falls 11%

Hyundai, Kia, Genesis generate strong February U.S. gains; Toyota falls 11% https://ift.tt/KXxW6HS

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.

Hyundai, Kia, Genesis generate strong February U.S. gains despite bearish forecasts

Hyundai, Kia, Genesis generate strong February U.S. gains despite bearish forecasts https://ift.tt/nstUpd2

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.